A Homeowners Insurance policy covers several things: damage to the home and the owner’s belongings, certain legal claims against the owner for which he may be liable, and limited coverage of people who are injured on the owner’s property. This package policy typically provides coverage for a broad variety of risks on the home; however, some risks, such as earthquake and flood, are excluded. The policy also does not cover land.
If you own a townhouse, you may need to purchase a Condominium policy. This is determined by whether you own the exterior walls to your unit. It can be confusing trying to determine which policy suits your needs, so contact your homeowners association, and talk with your Bankers agent.
Understanding Your Risks and Coverages
Before you purchase a Homeowners policy, it is important to understand the risks you face so you can make the best choice to get the right policy at the right price. We’re going to introduce you to your risks in an entertaining way through “Meet the Risks.” But another “risk” you face is in buying either too much or too little insurance. Avoiding that potential hazard is the main reason we created Build Your Own Policy!
Bankers Helps You Prepare for the Risks You May Face
Simply put, risk management is the process of, first, identifying the risks you face as a homeowner and, second, figuring out ways to minimize – or manage – them. There are nine major risks that face homeowners and some or all may apply to you, depending on where you live:
To learn how to protect yourself and your family from these risks visit Insurance 101.
A deductible is the amount of out-of-pocket expense for which you are responsible before the insurance coverage begins.Learn More
For many of us, our home is the most valuable single asset we own. Therefore, protecting it and our families with the proper insurance is critical.
- The property portion of a typical homeowners policy covers your dwelling, the contents inside your home, most unattached structures on your property, such as a shed or free‐standing garage, and expenses you may incur due to the loss of use of your dwelling at the time of a covered loss.
- The policy also has a liability portion that provides coverage for unintentional acts by you or your family that cause bodily injury.
You may want to take a moment to review our additional coverages that allow you to customize your policy to fit your individual needs. Click the “Learn More” button for details. Not all coverages are available in all states. Please consult with your local agent for availability.Learn More
Increasing Your Coverage Limits
Some policy limits can be increased to better suit your individual needs. These increased individual limits for the items listed below will still fall within your total coverage amount, but the amount you receive per item can be increased with this coverage.
- Home Computer
- Jewelry & Furs
- Increased Business Property
- Loss Assessment Coverage
- Increased Ordinance or Law
Ready to Build Your Own Policy? Get A Quote.
You may be eligible for discounts based on your personal characteristics, as well as features of your home that will reduce your premium. Save Now.
Living in a CAT State
You Want Catastrophe Experience When You Need It
Those of us who live in a “CAT State” –
a catastrophe-prone state – know that being prepared is key. This includes having the right insurance coverage. That said, one of the most important considerations in selecting an insurance company – especially if you live in coastal states – is catastrophe experience. Bankers has weathered an impressive 25+ catastrophes and offers exceptional customer service and claims response time. You don’t want to think it can happen to you, but, in the event of an emergency, you want an insurance company that knows precisely how to meet your needs.
Remember, you can buy Earthquake and Flood Insurance separately. These two important risks are not covered in your basic homeowners policy.
Ready to Speak to an Agent?
Insurance is complex and you need professional advice you can trust. We partner with top-quality independent agents who can help guide you through the purchasing process. There are many things you should be asking your agent prior to purchasing insurance for your home or business.
First, be prepared before you visit your agent. Do an inventory of your home or business. You may be surprised how much you really have. Visit knowyourstuff.org.*
Below are a few of the types of questions your agent can answer:
- Does my lender require flood insurance? Am I in a special flood hazard zone? (Everyone is in a flood zone!)
- How much flood coverage do I need?
- What is Umbrella Insurance and is it just for the wealthy?
- Do I need special coverage for an in-home office?
- I collect antiques and jewelry. How do I get this covered?
- Do I need employment practices liability lnsurance and what does it cover?
- Is my company required to maintain workers compensation coverage?
- What will happen if I cannot operate my business?
- I conduct business out of state. Is my electronic information protected?
- What is identity theft and is there a way to protect myself from it?